Synergy finalises Leading Solutions deal
- 09 February, 2010 12:55
- Comments 7
ASX-listed integrator, Synergy Plus (ASX: SNR) has finalised its purchase of Leading Solutions for $3.9 million.
According to an ASX statement, the final consideration included a cash payment along with an unspecified amount to cover existing trade debtors. As previously reported in ARN, receivers’ accounts for Leading showed its total creditors debt exceeded $12m at the time administrator, McGrathNicol, was appointed on October 29.
Synergy acting CEO, Pete Cappendell, said integration had gone smoothly and some former Leading customers had been transitioned. Synergy has also taken on 45 ex-Leading employees, bringing its total headcount to 300 nationally.
"We're very comfortable with the way it's transpired - we've got good people and clients on-board, and we're still working on transitioning some of them," Cappendell said. "Buying a company from administration is a fairly clean exercise and significantly less complex than buying off the owners."
Synergy acquired Leading’s business assets on November 16, 18 months after the pair abandoned a merger agreement. The latest deal was first expected to be completed in December, but was held up by the Christmas period. Synergy has been running the Leading business since November 16.
Last week, Synergy announced it expected to report a first-half gross profit of $1.5m-$1.6m for the six months to December 31, 2009. Cappendell highlighted managed services and outsourcing as key areas of opportunity for the company in 2010.
Nominations for the 2012 ARN IT Industry Awards open on Tuesday, June 12.
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Comments
Bill
$$$$
SHOW ME THE MONEY!!!
Anonymous
Managed Services Statement
I would like to know how is managed services going to be a focus for 2010 when they don't have any management or sales team for this division anymore?
Annoyingmouse
here here!
so will us former LS employees finally get to see the rest of our entitlements being paid in the next say week or so?.. one can only hope :|
ausitsupplier
dead wood gone...
what you don't know is they DO have a management and enterprise sales team most of which have come from IBM and some of which started within the last two months. don't worry your little head about it lol...
Shareholder
WIth all that 'dead wood' gone, and a HUGE profit announcement, the share price has positively rocketed to a heady $0.04! I'm sure this will only increase once the Synergy management outline their obviously solid, well thought out and implimentable plans for the Managed Services business. Right? Was publicly slated as a massive focus for '09 - and now for '10. Best of luck with that - it's Feb already. LOL.
Anonymous
According to a reliable source at Synergy+, they have already handed the cash over to McGrath Nicol; last Monday to be exact. Now let's see how long it takes McGN+ to cough up our entitlements... It's a lot of money we're talking about, so I don't expect them to rush...
Annoyingmouse
Haven't they taken enough time? Will us ex-LS employees suffer the same wait as those from S Central?
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